PROVIDENCE – The Small Business Administration has released a simplified loan forgiveness application for Paycheck Protection Program loans of $50,000 or less, the SBA announced on Friday.
The application, designed in consultation with the Treasury Department, will apply to the 3.57 million outstanding PPP loans of $50,000 or less, totaling approximately $62 billion of the $525 billion in PPP loans, the SBA said.
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The SBA Rhode Island District Office said Friday that over 11,600 Rhode Island small businesses and entrepreneurs have PPP loans eligible for the streamlined application.
The new application form is two pages, with significantly less information required than the standard five-page application form.
Applicants with affiliated businesses receiving a combined $2 million or more in PPP loans are not eligible to use the streamlined application.
“The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” said Treasury Secretary Steven T. Mnuchin. “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly. We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. We continue to favor additional legislation to further simplify the forgiveness process.”
Instructions on how to complete the streamlined application may be found online.
